EUR/JPY: safe haven demand fuels downside – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair plummeted on Yen’s strength, falling down to a daily low of 127.29 before bouncing some, to end the day below the 128.00 level.

Key Quotes:

“The decline accelerated with Wall Street’s opening as US stock turned lower following a positive start, fueling demand for the safe haven currency.

From a technical point of view, the 1 hour chart shows that the price is currently developing below a bearish 100 SMA, whilst the technical indicators head south within bearish territory after bouncing from oversold levels.

In the 4 hours chart, the technical indicators lack directional strength and remain stuck around their mid-lines, yet the price continues developing far below its 100 and 200 SMAs, in line with the dominant bearish trend.”
For more information, read our latest forex news. …read more

Source:: FX Street